Papua New Guinea: Total and the Government of Papua New Guinea Confirm the Remobilization and the Planning of the Papua LNG P...
May 05 2021 - 6:06AM
Dow Jones News
Regulatory News:
A meeting took place on 3rd of May between Patrick Pouyanné,
Chairman and CEO of Total (Paris:FP) (LSE:TTA) (NYSE:TOT), and a
Delegation of Papua New Guinea (PNG) led by the Deputy Prime
Minister Samuel Basil, with the objective to review together the
next steps for the development of the Papua LNG project.
After a year of delay because of Covid-19, the Government of PNG
and Total as Operator are pleased to announce the remobilization of
the project teams and of other required resources. The objective is
to launch the FEED early 2022 and to prepare for final investment
decision in 2023. This positive development follows the signature
and the reconfirmation of the Papua LNG Gas Agreement in 2019, the
signature of the Fiscal Stability Agreement and the award of the
License extension in February 2021.
Patrick Pouyanné declared "I am honored to welcome the Deputy
Prime Minister of Papua New Guinea in our head-offices in Paris to
review the Papua LNG implementation plan. This is indeed a very
strong signal of the dedication of the PNG government to the
success of this key project. I confirm that this project is ranking
very high in Total's portfolio given its proximity to growing Asian
LNG markets and we will dedicate all necessary resources".
The Deputy Prime Minister stated "it was very important for the
Government of Papua New Guinea to meet Total Chairman and CEO and
the French authorities to stress the importance to our nation of
the Papua LNG project, and to pledge the full support of our
government to this project. I am pleased with the outcome of this
meeting with clear implementation plans."
Papua LNG project will target the production of the two main
discoveries of Block PRL-15, Elk and Antelope, that were fully
appraised until 2017. It is expected that the gas produced by these
fields will be transported by a 320 km onshore/offshore pipeline to
Caution Bay site in order to be liquefied in 2 trains to be built
with a total capacity of 5.6 Mt/y which will be integrated to the
existing PNG LNG facilities in Caution Bay.
Total and PNG Authorities will cooperate to create significant
in-country value and to implement the Papua LNG project in an
exemplary manner and taking into highest consideration the
biodiversity and environmental stakes as well as the local
communities' rights.
Total operates the Elk and Antelope onshore fields and is the
largest shareholder of the PRL-15 permit with a 31.1% interest,
alongside partners ExxonMobil (28.7%) and Oil Search (17.7%), post
the State back-in right of 22.5%.
Total, Second Largest Private Global LNG Player
Total is the world's second largest privately owned LNG player,
with a global portfolio of nearly 50 Mt/y by 2025 and a global
market share of around 10%. The Group benefits from strong and
diversified positions throughout the LNG value chain: gas
production and liquefaction, LNG transportation and trading, and
contribution to the development of the LNG industry for maritime
transport. Through its interests in liquefaction plants in Qatar,
Nigeria, Russia, Norway, Oman, Egypt, the United Arab Emirates, the
United States, Australia and Angola, the Company markets LNG on all
world markets.
***
About Total
Total is a broad energy company that produces and markets fuels,
natural gas and electricity. Our 100,000 employees are committed to
better energy that is more affordable, more reliable, cleaner and
accessible to as many people as possible. Active in more than 130
countries, our ambition is to become the responsible energy
major.
Cautionary Note
This press release, from which no legal consequences may be
drawn, is for information purposes only. The entities in which
TOTAL SE directly or indirectly owns investments are separate legal
entities. TOTAL SE has no liability for their acts or omissions. In
this document, the terms "Total", "Total Group" and Group are
sometimes used for convenience. Likewise, the words "we", "us" and
"our" may also be used to refer to subsidiaries in general or to
those who work for them. This document may contain forward-looking
information and statements that are based on a number of economic
data and assumptions made in a given economic, competitive and
regulatory environment. They may prove to be inaccurate in the
future and are subject to a number of risk factors. Neither TOTAL
SE nor any of its subsidiaries assumes any obligation to update
publicly any forward-looking information or statement, objectives
or trends contained in this document whether as a result of new
information, future events or otherwise.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20210505005479/en/
CONTACT: Total Contacts
Media Relations: +33 1 47 44 46 99 l presse@total.com l
@TotalPress
Investor Relations: +44 (0)207 719 7962 l ir@total.com
SOURCE: Total
Copyright Business Wire 2021
(END) Dow Jones Newswires
May 05, 2021 05:51 ET (09:51 GMT)
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